Dear Shareholders and Team Members,
I am honoured to present Onida's Annual Report, a testament to our
journey of innovation, resilience and transformative thinking.
As we reflect on the past year, I would like to inform you that
Chairman, Mr Gulu Mirchandani has retired due to advanced age. However, he will continue
as Chairman Emeritus for the future. On behalf of all the stake holders in the company, I
thank him for all his guidance and hardwork and wish him good health and happiness for the
future.
I am proud to report that we have not only navigated a challenging
environment but emerged stronger, more agile and more united in our mission to bring
quality, innovation and sustainability to homes across the country.
At Onida, we are not just adapting, we are leading with purpose, guided
by our commitment to affordable excellence. We are bringing state-of-the-art technology
and unparalleled performance to homes.
At Onida, we stay true to our brand promise of affordable excellence,
bringing smart technology and high performance to every Indian household, without
compromise.
With a bold Why Not' mindset, we continue to anticipate market
shifts and customer expectations, staying agile and future-ready. This forward- looking
approach has powered several strategic initiatives, from revamping our corporate website
to executing various digital campaigns that enhance our digital footprint.
Business Performance & Market Position
In 2024, we delivered better financial results despite persistent
macroeconomic pressures. The ‘ONIDA' brand revenue grew by 12% in numbers
year-over-year, driven by robust demand across our core white goods segments - Air
Conditioners, LED Televisions and Washing Machines - and strong market share gains in both
maturing and emerging markets.
We expanded our product portfolio via our Smart TV range with Android,
Google TV and the visually immersive Onida QLED. In home appliances, our Fully Automatic
Heater Washing Machine and 9.5kg Semi-Automatic model combine power, efficiency and
reliability.
Innovation & Product Leadership
Our commitment to customer-centric innovation remains at the heart of
everything we do. This year, we introduced 15 new models across our flagship product
lines, including smart TVs powered by predictive after sales service. The response has
been overwhelmingly positive, with an increase in sales of 19% over last year in value
terms. We continue to invest in R&D and are dedicated to developing next-generation
technologies that enhance user experience with improved efficiency.
Operational efficiencies and disciplined cost management contributed to
an increase in operating profit, while our continued focus on supply chain resilience
helped ensure product availability when it mattered most.
Sustainability & Responsibility
Sustainability is no longer a choice, it is a business imperative. In
2024 we achieved a reduction in carbon emissions across our manufacturing footprint by
disposing our electronic waste materials to be recycled without harming the environment
and increased the use of recycled material in our products.
Beyond environmental responsibility, we have continued to uphold our
commitment to ethical sourcing, fair labour practices and community engagement. Through
partnerships and volunteer programs, our teams have supported local communities in
education and skills development.
As we move ahead we continue to explore new possibilities to build
lasting value. I thank our shareholders, customers, employees and partners-your belief
fuels our journey. Together, we will rise, evolve and soar to newer heights.
As we enter the next fiscal year, we do so with confidence and
ambition. Our strategy remains focused on:
Expanding digital and connected product capabilities.
Entering high-growth markets with localized innovation.
Accelerating sustainability initiatives.
Deepening customer loyalty and post-sale engagement.
To our shareholders, thank you for your continued trust. To our
employees, thank you for your unwavering commitment. The journey ahead is full of promise
and together, we will continue to build a company that delivers excellent products.
With appreciation and optimism,
| MR. VIJAY MANSUKHANI |
| Chairman & Managing Director |